Importance of sponsoring events

Gone are those days when events meant funds. Organizing events is beyond that and that reflects from the kind of deals being struck and alliances been formed. Organizers are looking beyond money and they look for other avenues to form partnerships.

Event organizers look for brands that connect with the company’s ethos and values. Sponsors or brands that are in sync with their event or that can identify with their event. When both companies are in tandem they complement each other well which pays off in the longer run and leads to better partnerships.

Apart from providing financial assistance, they also need partners with whom they can form barter partnerships. Organizers further like to be associated with different travel partners, food and beverage partners etc. Moreover, engaging in barter is a quite common practice. Nowadays, many brands are more interested in providing freebies for events rather than funds. Thus, organizers

Organizers also look for online coverage of their events through social media. Social media is an important element for marketing these days. Marketing through right channels and on the right platforms makes a huge difference. Most people in event business specifically look for digital marketing of their events.

Importance of Sponsoring events

Companies in general have few opportunities to build trust and establish rapport with their customers and potential clients. Getting involved with an event accelerates the whole process. Attending an event is important to but you could make your presence felt among the crowd by being a sponsor.

Events offer a wide demographic picture. They will have a certain mix of people that are in attendance. The aim is to target people from different strata of society.

The majority of people who attend an event will most likely know others with similar interests. Not only does a sponsorship help capture the attention span of the people present it further allows the audience to recommend it to their connection which could be amazing word of mouth publicity.

Events have local media support while others may offer national campaigns. This could provide extended exposure and visibility in markets they have not been tapped before.

Logo placement in a variety of places such as flyers, direct mail, brochures, websites, email marketing campaigns, tickets, signage, etc. will add to increase brand awareness.

Events help create professional relationships with other sponsors, vendors, speakers and attendees. Also, acquiring a list of attendees may prove to be the most valuable asset available to a sponsor.

Sponsorship provides a great means of broadening your competitive edge by improving your company’s image, prestige and credibility by supporting events that your target market finds attractive.

What all you should consider before organizing an event?

Date and venue play a huge rule in any events success. Sponsors should make sure that the event they consider is preferably being conducted in the peak season to attract maximum footfall. Any event that is located in the hub of the city or a place accessible easily helps with the overall reach.

Any brand must understand the target audience before forming any alliance. For instance, a new mobile chat application that targets college goers should associate itself with a college event rather than an art gallery. Brands must target the audience that is in sync with their company.

Footfall is important for a few reasons. First, and most obvious, it is going to get you more value for money. Eyeball gives huge reach. The more eyes present, the more eyes on you. This would also enable one to plan their strategy accordingly.

Knowing how the event will be marketed can help you figure out how much press you’re going to get out of it. It will also let you get a better idea of how well the organizers know what they’re doing.

One must ask very fundamental questions before venturing to sponsor. What’s there in it for you? It might sound selfish, but he, it is what it is. You’re looking to put up a chunk of money and you need to know how your brand will benefit. Will you get direct contact with potential clients? Will you get advertisement through the event’s social media accounts and thereby bolster your followers? How can my brand add to the event? Can you honestly add value to the event? Or are you just throwing your name up there and writing a check? Adding value would do more for you. Is it feasible? Answering such questions leads to more clarity.

Understand the scale of the event before making any commitment. Build associations with events that have great reputations and have been successful in the past. Connect with those events that resonate with your company’s ethos.

TYPES OF SPONSORS

Sponsors and event organizers work in tandem. However, before any venture one must understand the different types of sponsors.

Financial Sponsors

A company may sponsor a group or organization by becoming a financial sponsor. A financial sponsor pays a set amount of money in exchange for benefits outlined in a sponsorship agreement. Benefits may include an opportunity to promote the company to the sponsored organization’s membership or audience; an advertisement or mention in official programs, newsletters or press releases; or signage or logos on promotional materials.

In-Kind Sponsors

In-kind sponsors donate goods or services rather than cash as their sponsorship offering. For example, a local bakery may sponsor an event by offering their cookies and cakes.In this sense, the bakery is not giving a cash contribution, but making a donation of goods instead.

Media Sponsors

A media sponsor is a company that finances or secures media coverage for an organization, program or event. For example, a media sponsor may pay for an advertisement in a local paper, or foot the cost of putting up a billboard or filming a television commercial. The advantage of this type of sponsorship is that a sponsor may simultaneously promote his own company by tagging ads with his business logo and verbiage such as, “brought to you by” or “sponsored by” the name of the company.

Location Sponsors

A business may offer the use of its facilities as a form of sponsorship. For example, a company that allows a local scout troop to use its boardroom as a meeting venue is serving as a location sponsor. Likewise, a company that hosts a blood drive on its property, or a hotel that donates free use of a ballroom is also considered a location sponsor.

Difference between sponsors and partners

Sponsors provide financial support for the event in return for a number of reasons. It could be to promote their field of work, their organisation or to provide opportunities to their members. The relationship is based on working with the sponsor to meet their requirements in return for their financial support. Partners on the other hand, support the event without a financial contribution. A partner agrees to be a part of an event in return for benefits that are not monetary such as promotion, marketing etc.

Both are different entities but help catapult the event to success.